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WASHINGTON – President Trump Plans to Appoint David Malpass, Undersecretary of the Treasury for International Affairs, to Lead the World Bank, Designating a Critique Criticism of the Institution That Has Tried to Reform Its Historical Practices, Announced Monday from the heads of the administration.
Officials, who insisted on anonymity to confirm the choice before the official announcement, announced that the president would unveil his selection on Wednesday. The appointment must be ratified by the bank's board of directors, but, by tradition, the United States, the largest shareholder, has long since appointed its chairman.
The appointment of Malpass could spark debate based on his earlier comments on the role of multilateral institutions. Like Trump, he questioned the scope and mission of international institutions such as the World Bank, saying that they had become "more intrusive" and had to to be refocused. The broader trend towards multilateralism, he said, "has gone far too far."
This view inscribed in a greater skepticism than the administration of Mr. Trump has shown with respect to various structures of what is often called the l '39. liberal international order, including the World Trade Organization, the North Atlantic Treaty Organization, the European Union and many international agreements. Last week, the government announced the suspension of a nuclear weapons treaty negotiated by President Ronald Reagan in 1987, citing Russian fraud.
The World Bank, controlled by the world's most developed countries, lends money to developing countries for infrastructure and development projects. As head of the Treasury, Mr. Malpass asked the World Bank last year to engage in a series of changes while increasing its capital.
Malpass, whose loyalty to the president is deeply rooted, is also responsible for trade negotiations with China in the Treasury Department. He went to Beijing last month to set the framework for last week's talks in Washington. He was then a member of the delegation who met with representatives of China with the aim of reaching an agreement before March 1st.
million. Malpass, like Trump, cited the World Bank's continued lending to China as an example of its outdated approach to financing developing countries. "China is the main borrower of the World Bank," Malpass told a 2017 forum hosted by the Council on Foreign Relations. "Well, China has a lot of resources."
In that same session, Mr. Malpass denied that the President's approach "The United States first" vis-à-vis international institutions amounted to isolationism.
"I want to make a clear distinction between isolation, which we oppose, and our view that multilateralism has gone too far – to the point that it is hurting US and global growth. ", did he declare. "This view is sometimes mislabeled populism, but I think it's a pragmatic and realistic answer to a multilateral system that often distances itself from our values of limited government, freedom and primacy of the world. Right. "
In Congressional testimony in 2017, he said those who benefited from the World Bank's lending practices were" those who fly with a first-class ticket to advise governments. "
The United States privately tested the selection of Mr. Malpass with other shareholders of the big bank and received a positive return, according to one of the administration officials. They presented Mr. Malpass as a constructive reformer who, despite his criticism, would collaborate with other shareholders.
If he confirmed it, Mr. Malpass would fill the vacancy left by Jim Yong Kim, who announced sharply last month that he would resign as President of the World Bank nearly three years before Expiry of his term.
Malpass, 62, a member of Trump's transition team, was the chief economist of Bear Stearns, the defended investment bank, from 1993 to its collapse in 2008 In 2010, Mr. Malpass went unsuccessfully as a Republican candidate in the United States. Senate in New York. He previously served as Deputy Assistant Secretary of State to President George Bush and Assistant Under-Secretary of the Treasury under Reagan
The selection process for Mr. Kim's successor was overseen by Steven Mnuchin, Secretary of the Treasury; Mick Mulvaney, Acting Chief of Staff of the White House; and Ivanka Trump, the eldest daughter of the president. The President personally met the finalists for the position.
Other names considered include Indra K. Nooyi, former executive director of PepsiCo; Ray Washburne, President of the Overseas Private Investment Corporation; and Heidi Cruz, a senior executive at Goldman Sachs and wife of Republican Senator Ted Cruz of Texas.
Ms. Trump's role in the process has elicited some criticism from observers in ethics, who have stated that this could pose a conflict of interest for the president's daughter to be involved in international economic issues when She has not completely disused her assets.
million. Malpass was reported earlier Monday by Politico and other media outlets.
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